State Pension Age stays at age 66
Posted onAs had already been announced by Government, legislation was passed to keep the State Pension age at 66.
The Social Welfare Act 2020 was signed on 22 December 2020 and this deleted the relevant provision (Section 7 of the Social Welfare and Pensions Act 2011) which would have increased the State Pension age to 67 from 01/01/2021 and to 68 from 01/01/2028.
There is now no provisions in legislation to trigger a future increase to the State Pension age. New legislation will need to be passed… Continue reading →
Irish Pensions Awards 2020
Posted onCorporate Business takes home the award of Excellence in DC at the Irish Pensions Awards 2020.
This category looked at all areas of DC and Corporate Business were chosen “as an entry that stood out from the others.” The announcement outlined the areas of expertise across our leading edge technology, dynamic investment solutions, market-leading administration, innovative approach to lifestyling and a focus on the member experience as well as overall financial wellness. We’re so proud to… Continue reading →
Innovating to make change easier for pension savers
Posted onThe emphasis now on Defined Contribution pension schemes means trustees, pension providers and financial advisers must adapt to this change and look for new ways to help people plan for their future, writes Sean Egan, Director – Corporate Partnerships, Irish Life Assurance plc
“Intelligence is the ability to adapt to change.” – Stephen Hawkins
A lot of things have changed in the world since Stephen Hawkins uttered these words – we’ve seen the rise of social… Continue reading →
Property Fund Exit Update
Posted onIn recent months, economic uncertainty arising from the Covid-19 virus has increased the level of withdrawals from Property funds and created some market uncertainly around property valuations.
Therefore, in order to protect the interests of long-term investors in the Funds Irish Life introduced a six-month notice period in March for member exits from the Property Fund.
As we are all aware Covid-19 has introduced significant market volatility and the property market is not immune to… Continue reading →
Investing in a sustainable future: responsible investment
Posted onIrish Life are at the forefront of responsible investment in Ireland – and we want to share our commitment and approach to building a sustainable future with you.
Irish Life Investment Managers (ILIM)
Irish Life Investment Managers (ILIM) is our appointed investment manager. ILIM's vision is to build better futures and ILIM are committed to managing the assets entrusted to them responsibly, with the objective of delivering longer-term sustainable returns.
Click here to find out more… Continue reading →
State Pension Age Changes deferred
Posted onThe State pension age was due to change to 67 from 2021 and to 68 from 2028.
However, these changes have been deferred pending the report of the Commission on Pensions due June 2021 and any subsequent Government decisions on its recommendations. While the current political atmosphere is not favourable to any increase in the State Pension age, the long term affordability of the State Pension remains a challenge.
In general the change will have little impact on most company pension schemes and… Continue reading →
Extension of Pay & File Deadline for ROS Customers
Posted onIn recognition of the challenges being experienced by businesses and tax practitioners arising from the COVID-19 crisis, Revenue announced an extension to the Pay & File deadline for self-assessment income tax customers from 12 November to Thursday, 10 December 2020.
This also gives members of company pension plans until the payment and filing date of 10 December 2020 to make a pension contribution and elect in their tax return to backdate against the 2019 tax year.
In order… Continue reading →
Registered Administrator - Registrations September 2020
Posted onThe Pensions Act requires every pension Trust to appoint a Registered Administrator for their schemes and for the Registered Administrator to re-register annually with the Pensions Authority.
Irish Life will be completing the Registration with the Pensions Authority in September 2020 for the schemes that we will be the Registered Administrator for.
Every pension scheme established under a Trust must have an authorised Registered Administrator to maintain records necessary for the preparation… Continue reading →
Registered Administrator 2023
Posted onThe Pensions Act requires every pension Trust to appoint a Registered Administrator for their schemes and for the Registered Administrator to re-register annually with the Pensions Authority.Irish Life will be completing the Registration with the Pensions Authority in September 2023 for the schemes that we will be the Registered Administrator for with respect to the production of annual benefit statements and maintaining of scheme records.Every pension scheme established under a Trust must have… Continue reading →
ECB Reporting
Posted onBackground
The European Central Bank (ECB) introduced a regulation (2018/231) on statistical reporting requirements for pension funds in 2018. The Statistics Division of the Central Bank of Ireland is responsible for the collection, compilation and transmission of this statistical data to the ECB.
The new regulation aims to provide enhanced statistics that will better support the European System of Central Banks in its contribution to the stability of the financial system. At least 75% of the… Continue reading →
